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Income Tax Return (ITR) 1 Filing Form

The Income Tax Act, 1961 states that any person falling under the purview of the tax act has to pay tax on the income earned in a particular financial year. The assessee could be an individual, partnership, Hindu Undivided Family, or any other business entity.

The taxpayers have been categorized to ease the compliances. Each category of the taxpayer has to compute the taxable income in the manner as it is laid down in the Income Tax Act,1961. Post computation the Income-tax returns are filed on the for applicable to the taxpayer.

This article is a comprehensive guide to understand the ITR Sahaj Form 1. As the income tax department has categorized the taxpayers into many groups based on the income and the sources the returns need to be filed accordingly.

ITR-1 is for people with an income of up to ₹50 lakhs.

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    Who is Eligible to File ITR 1?

    Who can file Form ITR-1?

    ITR-1 Sahaj is to be filed by individuals whose income is not more than ₹50 Lakh from the following sources in a financial year:

    Salaried person- Salary refers to the remuneration or consideration that a person receives for the services he or she has to render under the contract of employment. The Income Tax Act,1961 includes the following under the salary income

    1. Wages
    2. Pension
    3. Annuity
    4. Advance salary paid
    5. Leave Encashment
    6. Fee, prerequisites, commission, profits besides or in lieu id the salary or wages
    7. Transferred balance in recognized provident fund
    8. Annual accretion to the recognized provident fund
    9. Central Government contribution or an employer contribution to Pension account as mentioned in Section 80 CCD of the Income Tax Act.
    10. One house property: If the taxpayer is the owner of a property from which he or she is earning rent, the rent proceeds become taxable.
      However, if the taxpayer is using the owner of a property from which he or she is earning rent, the rent proceeds become taxable. However, if the taxpayer is using the property for running some business or profession the same would be taxable under the heading “Income from business or profession”.
    11. Other sources (does not include income earned from winning lottery or racehorses)
    12. Agricultural income (Upto to ₹5000)
    Who cannot file Form ITR-1?
    • An individual having income above ₹50 lakh cannot use this form.
    • An individual who is either a director in a company and has held any unlisted equity shares at any time during the financial year cannot use this form.
    • Residents not ordinarily resident (RNOR) and non-residents cannot file returns using ITR -1
    • Also, individuals who have earned income through the following means are not eligible to file form ITR 1 :
      • More than one House Property
      • Lottery, Racehorses, Legal Gambling etc.
      • Taxable capital gains (Short term and Long term)
      • Agricultural income exceeding ₹5,000
      • Business and Profession
      • Individual who is a Resident and has assets (including financial interest in any entity) outside India or signing authority in any account located outside India.
      • Individual claiming relief of foreign tax paid or double taxation relief under section 90/90A/91.

    Documents required for ITR - 1 Sahaj form

    What documents are required to file ITR -1 Sahaj form?
    • Form 16
    • Salary slips
    • Interest Certificates from the Post offices and Banks
    • Form 16A/16B/16C
    • Form 26AS
    • Tax-savings investment proof
    • Deductions under the Section 80 D to 80 U
    • Home Loan statement from the NBFC/ Bank
    • Capital Gains